Citibank lands securities lending license in Thailand

The agency license will allow the bank to lend to institutions trading on the country''s stock exchange.

Citibank's custody operation has been awarded a securities borrowing and lending agency license from the Thailand Ministry of Finance that allows the bank to lend to brokerdealers trading on the Thai stock exchange.

The license falls under a mandatory stock borrowing and lending program operated by the Thailand Securities Depository company that provides a channel for local brokers and sub-brokers to fulfill their settlement obligations to the stock exchange.

Using the license, Citibank will act as a securities lending agent facilitating loans between institutions holding Thai securities and the broker community, says Paul O'Brien, head of securities lending for the bank in Asia. The issuance of a license to other qualified intermediaries is a...

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